US futures are trading higher, pointing to a higher open in the stocks today, after ending yesterday higher. However, investors remained concerned on possibility of more interest rate hikes from the Federal Reserve.
US financial markets will remain close on Monday in observance of President’s Day. Due to the long holiday weekend, investors and traders are less willing to leap into the markets.
The S&P futures rose 0.12% to 2,737.25, Dow futures gained 0.06% to 25,250 and Nasdaq increased 0.21% to 6,830. Elsewhere, shares at Asian markets closed mostly higher on Friday, while European stocks are scoring higher.
The producer price index for final demand rose by 0.4% in January and core producer prices increased by 0.4%.
On February 15, US ended sharply higher for the fifth consecutive session, with Dow up 1.2% to 25,200.37. Nasdaq advanced 1.6% to 7,256.43 and the S&P 500 jumped 1.2% to 2,731.20.
The producer price index for final demand rose by 0.4% in January and core producer prices increased by 0.4%, which is higher than the consensus expectations of 0.2% growth, according to the Labor Department. Initial jobless claims increased to 230,000 from last week’s revised level of 223,000.
A Federal Reserve report on February 15 showed a modest decrease in industrial production in January. Industrial output slid 0.1% after rising 0.4% in December. Economists had predicted a 0.2% growth.
Meanwhile, other key economic data that will be released today include housing starts and building permits, import and export prices, and consumer sentiment. Business Leaders Survey and the Quarterly Services Survey are also set to be released.
On the corporate front, Arista Networks Inc. stock fell more than 10% in the premarket, after providing soft first quarter outlook. Shares of The Coca-Cola Co. rose more than 2% in the premarket after in line fourth quarter earnings. Wynn Resorts stock tumbled more than 1% in premarket.
On the earnings front, Coca-Cola, Campbell Soup, Deere, Kraft Heinz, J.M. Smucker Co., Newell Brands, and Och-Ziff Capital Management are the key companies due to release their earnings today.
Crude oil future is up 0.10% to $61.40. Gold is trading up 0.35% to $1,360, while silver is down 0.10% to $16.78. On the currency front, the US dollar is trading up 0.09% at 106.235 yen. Against the euro, the dollar is down 0.24% to $1.2471. Against the pound, the dollar is down 0.28% to $1.4052.
Broadcom Limited (NASDAQ: AVGO) reported first quarter 2021 earnings results today. Total revenue increased 14% year-over-year to $6.65 billion. GAAP net income was $1.3 billion, or $3.05 per share, compared
Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the second quarter of 2021. Earnings missed analysts’ expectations, while sales beat. Net profit was $951 million
With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard